Key Takeaways from iCapital CONNECT | Hong Kong

1. PRIVATE MARKETS ARE MOVING FROM ‘WHY’ TO ‘HOW’

iCapital’s Head of International and Member of Executive Committee, Marco Bizzozero, opened the event by framing private markets as essential to modern wealth portfolios. Bizzozero emphasized that thanks to innovations in technology and fund structures, wealth managers are no longer questioning the “why” behind alternatives, but rather are focused on “how” to integrate them. iCapital’s global platform aims to simplify due diligence, education, and portfolio construction, supporting advisors with $236.8B in platform assets . Asia’s growing importance in wealth management makes it a critical region for expansion.

2. ASIA IS CENTRAL TO THE FUTURE OF PRIVATE MARKETS ACCESS

Marco Bizzozero spotlighted Asia as a strategic growth engine for iCapital’s mission to make alternative investments more inclusive. He noted that Hong Kong is on track to surpass Switzerland as a global wealth center, reinforcing the region’s relevance for wealth managers and fintech firms alike. iCapital’s expansion in the region, now with offices in Hong Kong, Singapore Tokyo, and soon to be Sydney, and over $37.6 billion in non-U.S. platform assets , reflects this strategic pivot. Bizzozero explained that iCapital’s role is not just to offer access, but to equip regional firms with the technology, education, and portfolio tools needed to serve a growing base of sophisticated investors. “There is no alternative to being here,” he said, underscoring Asia’s importance to the future of wealth and private markets distribution.

3. THE WEALTH INDUSTRY IS AT AN INFLECTION POINT

The private markets landscape is shifting due to long-term structural drivers. Bizzozero highlighted three: the migration of capital formation from public to private markets, private markets’ superior long-term return profiles, and the rise of fintech infrastructure. “We are at a huge inflection point,” he noted, with the majority of companies generating significant revenue remaining private. These forces are converging to create an unprecedented opportunity for wealth managers to include private markets in client portfolios in a scalable and repeatable way.

4. MODEL PORTFOLIOS ARE ESSENTIAL TO SCALING ALTERNATIVES

Model portfolios are becoming a crucial mechanism to increase adoption of private markets in the wealth channel. Kunal Shah, Head of Private Asset Research & Model Portfolios, explained that iCapital is pioneering models tailored to different investor goals. “If you buy through a model portfolio, you get one consolidated report from us,” he noted, highlighting the operational simplicity this approach brings. These portfolios reduce decision-making friction for advisors while ensuring consistent exposure across strategies and vintages. This innovation makes alternatives more manageable and measurable, particularly for less active or resource-constrained advisors.

5. EVERGREEN FUNDS ARE KEY TO BROADENING ADOPTION

Kunal Shah outlined how evergreen structures reduce friction for investors by offering smoother capital deployment, periodic liquidity, and broader eligibility. Tuan Lam, Head of APAC at iCapital, added that these structures are particularly well suited to individual investors, who value full capital deployment and periodic liquidity. As evergreen offerings mature, they are playing a pivotal role in making private markets feel familiar to the wealth management segment.

6. ADVISORS WANT SIMPLICITY, NOT JUST PRODUCT

The need for simplicity was a key theme in this year’s iCapital CONNECT | Hong Kong Connect. Panelists noted that advisors today seek turnkey solutions and platforms must offer more than investment products. Panelists echoed that sentiment, emphasizing that it is at the heart of driving adoption. Shah noted that iCapital focuses on creating solutions that go beyond offering a product. Asset class and product level educational tools allow advisors to focus on client relationships rather than operational complexities. This approach caters to a wider set of advisors, not just those deeply familiar with alternatives.

7. A RENEWED CASE FOR HEDGE FUNDS

Joe Burns, Managing Director and Head of Hedge Fund Research, led a discussion on how hedge funds are evolving from opportunistic trades to strategic allocations in private wealth portfolios. The panel explored how macro volatility, inflationary pressure, and dislocations in credit and equity markets are creating a renewed case for active, nimble strategies. Burns emphasized the growing demand for structures that offer transparency, liquidity, and alignment with investor goals. He underscored iCapital’s approach to manager curation, risk framework integration, and education; enabling advisors to position hedge funds not as exotic bets, but as essential tools for diversification and capital preservation.

8. PRIVATE CREDIT HAS GONE MAINSTREAM

In a discussion on private credit, Nick Veronis, iCapital Co-Founder and Head of Portfolio Management, highlighted its position as one of the fastest-growing segments in alternatives. the discussion emphasized how recent market volatility has bolstered the case for further diversification within private market allocations. As a result, Veronis reinforced, private credit is increasingly being viewed as a core holding for income-seeking clients, particularly in today’s uncertain environment.

9. REAL ASSETS: ADDING TANGIBLE VALUE

In a conversation on real assets, Tim Lee, Head of Business Management & Operations APAC, emphasized the emotional and financial alignment these assets offer to individual investors, especially in Asia where tangible investments resonate. The panel discussed the asset class’ long-term return potential, sustainability trends, and the growing interest in core infrastructure. Lee positioned real assets as essential components of diversified portfolios in an environment marked by inflation risk and geopolitical uncertainty. He underscored iCapital’s role in helping advisors structure and access these opportunities efficiently, and at scale, for their clients.

10. EDUCATION REMAINS THE BEDROCK OF ENABLEMENT

Multiple sessions noted that one of the primary barriers to adoption remains lack of familiarity. While innovations in technology have removed a lot of the administrative burdens associated with investing in the asset class, empowering advisors with education is critical to drive mainstream adoption of private market strategies. Stressing that education sits at the center of iCapital’s offering, speakers were keen to reiterate the need for a diversified approach to content, leveraging multiple platforms, accessible on-demand, as being a key driver in advisor uptake.

For more information on this year’s iCapital Connect Hong Kong, or to register your interest in future iCapital events, please contact [email protected].